Stock Manipulation
Stock manipulation: Optimus Finance
Optimus Finance (earlier known as Transpek Finance) operates in two business segments—financing & investing activities and manufacturing & trading in chemicals. It has one subsidiary, namely, Maximus International, engaged in importing, trading and exporting various products. This Gujarat-based company reported a consolidated loss of nearly Rs0.36 crore for the year ended March 2016. For the quarter ended June 2016, the micro-cap stock reported a consolidated profit of Rs0.15 crore compared to a loss of Rs0.20 crore for the quarter ended March 2016. However, its consolidated financial reporting has been inconsistent. While it reported its consolidated numbers in FY12-13 and FY13-14, there was no consolidated revenue statement for FY14-15.
 
Despite such poor disclosures and financials, the stock price has shot up. From a low of Rs3.60 on 22 January 2014, it zoomed to Rs35.2 on 7 September 2016, up 878% or nearly nine times. In fact, over the past one year, the price has nearly tripled from around Rs13 at the beginning of September 2015. Over the past one year, the stock has had a median of just three trades a day; about 500-1,000 shares have been traded. As on 30 June 2016, Optimus Finance had just 2,819 individual shareholders. Are there some individuals who are interested taking the stock price up? Will the regulator investigate? 

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Mukesh Ambani-owned RIL owes Rs1,577 crore to MMRDA as additional premium charges
Reliance Industries Ltd (RIL), India's largest private sector company owes a whopping Rs1,576.90 crore as additional premium charges to the Mumbai Metropolitan Region Development Authority (MMRDA) as a lease-holder of two plots at the Bandra Kurla Complex in Mumbai, reveals a reply received under the Right to Information (RTI) Act.
 
The reply received by RTI activist Anil Galgali shows, several lease holders, including RIL owes about Rs1,628.7 crore to the Authority. RIL was charged additional premium for three plots of land, numbered as G/C64, G/C66 and G/RG1A. The company had in full charges of Rs4.94 lakh for the G/RG1A plot. However, it has not paid dues of Rs1,187.59 and Rs389.31 crore for two plots, G/C64 and G/C66, respectively, shows the RTI reply.
 
 
RIL, has, however, said it is waiting for further communication from MMRDA as there was a court stay for almost five years on construction on plot no C/64. A report from The Hindu quoted RIL spokesperson as saying, “MMRDA had recognised the force majeure with regards to Plot Number C/64, as there was a court stay on construction between October 2007 and March 2012. MMRDA, in the last authority meeting, decided to appoint a committee and we are awaiting further communication from it on the same.”  
 
Indian News Paper Society (Rs28.12 crore) and Naman Hotels Pvt Ltd (Rs23.68 crore) are the two other entities that have not paid the dues to MMRDA.
 
As per the RTI reply, the Commissioner of Income Tax owes Rs27.63 lakh as additional premium charges for two different plots in BKC. Maharashtra Maritime Board also owes Rs7.21 crore to MMRDA, the reply says. 
 
Galgali, in a letter to Maharashtra Chief Minister Devendra Fadnavis, has demanded the recovery with interest within 30 days from these entities. "If the amount is not recoverable then, it should immediately take the possession of the plot and once again re-alot it to the highest bidder, which will bring revenue to the MMRDA and will help in initiating public development activities," the RTI activist had said in the letter.
 

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PayU acquires Citrus Pay for USD 130 million
Global online payment service provider PayU has acquired Indian payments technology player, Citrus Pay, for $130 million in an all-cash deal, a joint-statement said here on Wednesday.
 
The agreement is due to close in the third quarter of 2016. The statement described PayU's $130 million transaction as the largest ever merger and acquisition cash deal in the Indian fintech sector.
 
"Today's announcement is a significant milestone for both businesses, as well as the fintech industry in India. It is exciting for everyone across the PayU and Citrus teams as we bring together new capabilities that will help us to better serve our collective clients." said Laurent le Moal, CEO of PayU.
 
The deal will grow PayU India customers to more than 30 million, processing a forecasted 150 million transactions in 2016 worth a combined $4.2 billion, growing at more than 50% year-on-year, the statement said.
 
"The agreement also enables PayU to quickly bring additional innovative financial services to market for its business and consumer customers," it added.
 
Amrish Rau, currently Citrus Pay managing director, will become CEO of PayU in India. Reporting to PayU Global CEO, Laurent le Moal, he will lead entrepreneurial management team across PayU and Citrus Pay. 
 
Citrus Pay founder Jitendra Gupta will drive PayU's Fintech foray into credit through Citrus Pay's Lazypay, while Shailaz Nag, PayU co-founder, will focus on new areas of growth through bank alliances. 
 
Nitin Gupta, PayU co-founder, will help complete the transition to the new leadership team before departing PayU to pursue his entrepreneurial ambitions.
 
Citrus Pay was founded in 2011 by Jitendra Gupta.
 
PayU is part of Naspers, a global Internet and entertainment group, and one of the largest technology investors in the world.
 
Investec acted as the sole advisor to the transaction.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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